Argentina’s critical 2024/25 soybean crop faces potential “significant losses” after torrential rains flooded fields in the northwestern Buenos Aires province, the Buenos Aires Grains Exchange warned Monday. The extreme weather could force a downward revision of the country’s current 50 million metric ton soybean forecast, threatening global supplies of soybean oil and meal, of which Argentina is the world’s top exporter.
Storm Impact & Harvest Delays
- 730,000 hectares of soybeans remain unharvested in the affected region—already 15% behind schedule due to March rains.
- Up to 400mm of rain inundated fields and highways, flooding towns and forcing evacuations.
- Additional rainfall forecast this weekend could worsen waterlogging, delaying drainage and increasing crop damage.
Market & Trade Implications
- Argentina’s Role: The country supplies ~40% of global soybean meal and ~50% of soybean oil exports; prolonged disruptions could tighten supplies.
- Price Sensitivity: Any major downgrade to Argentina’s crop could pressure Chicago soybean futures, which have been volatile amid global weather risks.
- Corn Concerns: As the No. 3 corn exporter, Argentina’s weather woes add to stress for grain markets already monitoring U.S. and Brazilian production.
What’s Next?
- The Buenos Aires and Rosario exchanges will reassess crop forecasts if rains persist.
- Farmers face a race against time to harvest before further damage occurs.
Argentina’s Soybean Harvest at Risk as Floods Threaten ‘Significant Losses’ in Key Growing Region